Emergency Fund, Kits and Other Things

Being confined in the hospital gave me a lot of time to think about some things. Most them emergency related actually.

1. Emergency Fund
It’s an easily accessible fund allotted for emergency purposes such as loss of job, hospitalization and other unforeseen circumstances. This is worth 3 to 6 months of an individual’s or the family’s income or 3 to 6 months of operational expenses. One can read more about emergency fund here: How to Build An Emergency Fund And Why It is Important.

Hubby and I have such a fund. It’s not 3 to 6 months worth but it was enough for the emergencies that have come our way. We first dipped into it when our previous vehicle was fully submerged in the great Ondoy flood. We used some of the fund to rehabilitate the car to a good marketable condition. Then with the recent medical and health related expenses, we dipped in the fund again.

We haven’t replenished it ever since. I don’t actually have an idea yet how we’ll do it soonest in our current financial condition. If another emergency comes up, I’m not confident if we can still manage financially. I pray we wouldn’t be caught in another unpleasant surprise before we’ve put this fund to a healthier state.

2. Health Insurance
I have an octogenarian Lola (grandma). Since her “coming of age,” Lola had been going through routine maintenance check-ups to different medical specialists for her heart, bones and vision. Her doctors’ consultation fees were 3K, 5K and 6K.  And they steadily increase periodically.  She visits her doctors twice a year with up to date medical tests every time. There’s also her maintenance meds. Everything adds to quite a sum. And it doesn’t include the cost for unforeseen medical concerns yet. In the past, this included her hospitalization due to enlarged heart and slipping on a cemented walkway.

For us, we’re now fortunate to enjoy the benefits of health insurance. Thanks to Hubby and his good employer. But when Hubby and I retire, no longer employed, health-related expenses will most probably be gnawing our finances. Hubby and I considered to build a fund for this apart from our retirement fund. What concerns me is if we can keep up until the paying period ends. Hoping we can. Then we’ll cross-fingers that investment will live up to our expectations.

3. Legacy Folder
It’s a folder, drawer or a containment unit where pertinent files and data are kept. Such files include birth and marriage certificates, life, health, car and home insurances, will and funeral instructions. Family members or trusted persons can access it and will be in the know should something happen. More about this folder drawer at Dave Ramsey’s site.

I’ve visualized my funeral several times. I have been vocal to Hubby about it in fact. But actually putting it in writing sounds very morbid. And emotionally cracking… Much more the thought of writing about what to do, who to entrust LC with if we pass away while he’s still young.

I’ll get to organizing all our documents first. Then I’ll think about writing those letters. I know it’s important. I just have to get myself write one letter first. Doing the others, then updating and re-writing them periodically will be easier after.

4. First Aid Kits and Survival Kits
When Hubby and I were active mountain climbers years back, we each had a first aid kit in our pack every time we climb a mountain and even when we do the usual sight-seeing and travelling. Ironically when we settled down, we haven’t put together a kit substantial enough to primarily and/or immediately address injury or pain. When I had to change Hubby’s dressing for his knee, it’s just then we realized we don’t even have cotton and betadine in the house!???!!

Survival kits for floods and earthquake, I’ve taught about them too. I’ve come across a multiply site before where one can buy a survival kit. I can’t find it again but, I think I found something which I think is better: Prepare Your Family Emergency Survival Kit Today. The article is from the Marine Forces Reserve Visayas so the guidelines written are very apt for us in the Philippines.

5. First Aid and Basic Life Support Training
Again, when Hubby and I were active mountaineers, we regularly attend training from the Red Cross for first aid and basic life support. We were even taught how to CPR a baby, once. But that was years ago. No thanks to memory gap, I can’t even remember how to correctly bind a splint.

I want Hubby and I to attend a training again. If I have to, I’ll organize one. Just have to get the required minimum number of attendees. Organized one… Am I sure about this? Anyway, anyone else interested to attend?

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Lots to do!!! To think these are for emergency and unforeseen issues which may not happen or may happen for decades yet… But we have to prepare as much as we can.

And oh! Zombie attacks? That crossed my mind too. 😉

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2 thoughts on “Emergency Fund, Kits and Other Things

  1. This is a very good read and a good guide, especially for parents. Sadly though, I haven’t gotten around to securing any of it! Thanks for sharing. Must really sit down to this very soon!

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